Barbados Teachers' Co-operative Credit Union > eKYC

eKYC

What is KYC?

KYC is a mandatory verification process for banks, lenders, insurance providers, and other financial institutions of all sizes.  

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KYC is a mandatory verification process for banks, lenders, insurance providers, and other financial institutions of all sizes. By law, they are obligated to identify customers, gather background information (address, source of funds etc.) on them and assess their risk factors.

KYC is the data-driven process allowing companies to ensure that their customers:

are who they claim to be, meet the requirements to use regulated financial services, and don’t engage in criminal activities using their products.

The goal is to prevent fraud, identity theft, tax evasion, terrorism financing, money laundering and other financial crimes.
eKYC
Features and Benefits
  • Provide comfort to your customers through our trusted process that reduces the risks of fraud with high levels of data security

  • Opportunity to tie a user’s ID to a membership status (e.g. account holder) or employment card for regular access requirements

  • Prevent fraud, and friction while operating within regulations

  • Reduce time and cost, while increasing efficiency and revenue

  • User friendly app, interface and ergonomics

  • Easy deployment and sits over the top of existing business processes

  • Entirely digital, resulting in lower operational costs

  • Flexible, contactless solution that can be applied to various use cases

  • User-approved access to sensitive information (GDPR compliant)

  • Provides proof of identity, income and address amongst others

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